Strengthening its footprint, Wells Fargo Asset Management (Luxembourg) will establish branches in Frankfurt and Paris as part of its Brexit arrangements
Wells Fargo & Company (NYSE: WFC) announced today that the Commission de Surveillance du Secteur Financier (CSSF), the financial regulator of Luxembourg, has granted a non-objection to the expansion of Wells Fargo Asset Management Luxembourg’s (WFAML’s) existing license.
The expansion of WFAML’s license in Luxembourg will permit the provision of discretionary portfolio management and investment advisory services to Wells Fargo Asset Management’s (WFAM’s) European institutional investors. As part of WFAM’s efforts to support its European Union client base, WFAML will broaden its presence with branches in Frankfurt and Paris.
“By strengthening the capabilities of WFAM in Luxembourg, along with dedicated WFAM branches in Frankfurt and Paris, we are well positioned to deepen relationships with our European client base, as well as with investors based in other international markets,” said Deirdre Flood, head of International Distribution for WFAM. “With the prevailing uncertainty around Brexit, this small but meaningful change to our current structure will ensure continued service for all of our existing European Union clients and will facilitate the future development of WFAM in this key market.”
Through its existing presence in London, WFAM will continue to serve its U.K. and international clients. WFAM’s London-based portfolio management teams—WFAM Credit Europe and WFAM Global Fixed Income—will continue to maintain operations from WFAM’s London offices.
Luxembourg is a leading asset and fund management hub within Europe. Since 2015, WFAML has served as the management company for WFAM’s Luxembourg-domiciled UCITS, which launched in 2008.
Wells Fargo is committed to providing a smooth stakeholder experience for all those affected by Brexit. Today’s announcement, along with the company’s Brexit approach for its securities business, forms part of Wells Fargo’s Brexit strategy. This strategy is predicated on supporting the needs of its team members and customers—ranging from retirement plans, insurance companies, financial institutions, and other institutional investors—in a post-Brexit environment.
About Wells Fargo
Wells Fargo & Company (WFC) is a diversified, community-based financial services company with $1.9 trillion in assets. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, investments, mortgage, and consumer and commercial finance through 7,950 locations, 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 37 countries and territories to support customers who conduct business in the global economy. With approximately 262,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 26 on Fortune’s 2018 rankings of America’s largest corporations.
Wells Fargo Asset Management (WFAM) is the trade name for certain investment advisory/management firms owned by Wells Fargo & Company. These firms include but are not limited to Wells Capital Management Incorporated and Wells Fargo Funds Management, LLC. Certain products managed by WFAM entities are distributed by Wells Fargo Funds Distributor, LLC (a broker/dealer and Member FINRA).
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